Greensill Capital filed for insolvency yesterday (8 March), and said in its court filing that its largest client GFG Alliance had begun to default on its debts, according to reports.
According to Reuters, the court filing said: "GFG has fallen into severe financial difficulty. GFG has started to default on its obligations." It has been reported that Grant Thornton has been appointed administrator of Greensill's two UK companies. The firm, which is served by former prime minister David Cameron as an adviser, has suffered a recent loss of a $4.6bn insurance contract according to the FT, which may cause default among those it counts as clients and as many as 50,000 job losses. As a result of this, the firm announced some clients were "likely to become insolvent, d...
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